LIC sets IPO issue price at Rs 949 apiece – Times of India

NEW DELHI: India raised 205.6 billion rupees ($2.7 billion) as its greatest preliminary public providing priced on the high of the indicated vary following robust demand from native buyers and a last-minute sprint by overseas funds.
Life Insurance Corporation of India will provide at 949 rupees a share, the state-run agency stated in a prospectus filed Friday. Buying and selling on the inventory trade is because of start Might 17.
Overseas institutional buyers stepped up their bids for the sale within the final hours earlier than the shut of subscription this week, shunning foreign money dangers and international market uncertainties. Dubbed India’s “Aramco second” in reference to Gulf oil big Saudi Arabian Oil Co.’s $29.4 billion itemizing in 2019 — the world’s largest — the float of LIC has ended up resembling the Aramco IPO not simply in scale however in its reliance on home buyers after some overseas patrons deemed it too costly.
Retail buyers got a reduction of 45 rupees on the provide worth, whereas policyholders obtained a 60-rupee low cost.

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